Making money from markets is really really difficult. 96% of retail traders lose money. After spending countless hours in front of charts trying to look for ‘good entry points’ I can vouch for this.
Trading is strenuous. It takes time, patience, and discipline, everything humans are bad at, to be good at trading. The problem is magnified even further in crypto simply because there are 1000’s of crypto markets, and each market is 24*7.
Hence to succeed every trader needs 2 things.
- State of the art infrastructure so that they can automate their trading
- Access to capital
In this article, we will review Mudrex, which has created a state-of-the-art simple visual strategy builder that is now being used by some of the best traders in the world to build their trading strategies. Users can get started without writing a single line of code. Once traders have developed their strategy they can either go live by themselves or publish it on Mudrex Invest and earn fees when other users invest in the strategy!
If you were looking for a platform to help you be a better trader, Mudrex might just be it!
Sign up on Mudrex and get $25 credit for free.
Table of Contents
Summary:
- No need to code. You simply use the visual strategy builder to build your trading system
- Lightning-fast backtesting and live trading
- A very active and engaged community of 1000+ traders
- API key integration with top exchanges like Binance, Bitmex, Coinbase, etc
Features
No Code, Drag and drop based strategy builder
This is one of the coolest and most innovative features of the platform. Historically, to automate trading most traders need to learn code and build trading systems on languages like Pine, Python or R. This not only takes 3–6 months to learn but if you want to actually build this out, it might end-up costing >10,000$.
On the other hand, the visual builder provided by Mudrex is a simple tool! You don’t need any special knowledge or learning experience. Just like any other tool, the builder takes 5–10 mins to get the hang off. But once you are there, actions become super easy!
The important thing is that they have even thought of the smaller things like version control, easy toggle between strategy and editor, naming, editing and adding notes, etc.
You might also be interested in:
- Mudrex Invest — An easy way to invest in a crypto
- CLEO.one Review – Trading Automation Made Simple
- Understanding Cryptocurrency Trading Bots
- Multi-Exchange Crypto Trading Platforms Features
- Five Best Crypto Trading Bots
Detailed testing infrastructure
Going live on a trading strategy without testing is as good as shooting yourself in the foot. Testing required 2 things, accurate and reliable historical data and a very resilient fast infrastructure. Mudrex has both!
Mudrex gives you the ability to test your strategies on reliable historical data from 8 exchanges and over 2000 assets. Most backtest on Mudrex got completed in a few seconds. We did find that in some cases, the backtests took more than 1 min to complete but that not a deal-breaker for us. Quickly running multiple backtests was an excellent feature addon as well.
They also provide in-depth stats and detailed graphs to help you evaluate where the strategy works and where it does not.
Active community and quick support
Unlike other trading platforms, Mudrex has a large and thriving community of traders and investors on discord. They als0 use Discord as the primary channel for customer support and quick resolutions. Folks from the founding team and other dedicated users of the platform are always around when help is needed.
The founders of Mudrex provide one-on-one demos to any user who needs it. All it requires is a short form fill!
How Mudrex Works
Sign Up
Signing up on Mudrex
Create Startegy
Create your trading strategy or check out the existing strategies
Connect Exchange
Connect your exchange API keys
Add Mudrex balance and Go Live
Add a card or prepay using Mudrex Balance and Go Live!
Signing up on Mudrex is super simple and the whole process takes just 5 mins. Once you’re signed up you can quickly start building and testing. As we mentioned before, learning how to build takes some time but their support docs and Youtube videos are super useful to get started.
Here is an excellent demo given by another Mudrex user that you should look at!
Performance and Security
Unlike actual cryptocurrency exchanges, Mudrex does not hold your assets. The assets are all stored in your existing exchange account that you have connected to Mudrex(Coinbase, Voyager, Kraken, Binance, etc.). You simply connect your API keys and get started.
In their support articles, Mudrex claims that all critical personal information is stored using bank-level AES-256 encryption. Additionally, all API traffic is secured and goes through SSL and uses TLS 1.2 to prevent third parties from eavesdropping on your connection.
For payments Mudrex says that they use Stripe as a payment partner so the credit card info etc is all stored with Stripe.
Pricing
Mudrex has simple fermium based pricing model. The free plan gives you ample opportunity to build and test whatever you want. As long as you are testing, Mudrex is practically free for you!
The only case where you need to move to the premium plan is if you want to do extensive testing or want to invest a large amount of capital in your trading strategy. In that case, you might want to get the $19 per month premium plan. With the premium plan, you get the first months as a free trial, and you can cancel at any point!
Mudrex accepts credit cards, PayPal, or crypto for payment, so paying fees is as quick and easy as it gets!
Comparison with other products
There have been some platforms in the past like HaaS, Gunbot, Cryptohopper, and 3commas who have attempted to help traders with automation. But their UI and UX is either too limiting or too confusing, which has led most traders to still trade manually.
Kryll was a platform that we saw came close to Mudrex from the building strategies perspective in terms of UI. But the features and functionality on kryll was shockingly limiting, and hence we were unable to build anything meaningful.
The product that Mudrex has built is truly unique, and nothing we have seen in our past year comes close to this. The strategy builder provides users with incredible flexibility to create what they want, the testing engine is robust and fast, and Mudrex Invest helps traders monetize their IP via polled capital.
All the other platforms charge anywhere from $29-$49 per month. At $19 for the premium plan, Mudrex is also at least 3x cheaper than alternatives.
Conclusion
While exchanges are busy spending time more on launching new tokens and assets only to increase their trading volume, platforms like Mudrex are actually working on the right problems and are making sure that traders actually end up making some money!
Overall we were pleased with the product. It is still early in the space, but Mudrex is rapidly evolving to the one place where every trader across asset classes will want to be in the near future.
Mudrex Pros and Cons
Pros
- Drag and drop strategy builder
- Lightning-fast backtesting and live trading
- active and engaged community
- Low Fees!
Cons
- No ability to add custom indicators (yet)
- Limited features on mobile website
Conclusion:
While exchanges are busy spending time more on launching new tokens and assets only to increase their trading volume, platforms like Mudrex are actually working on the right problems and are making sure that traders actually end up making some money!
Overall we were pleased with the product. It is still early in the space, but Mudrex is rapidly evolving to the one place where every trader across asset classes will want to be in the near future.
Frequently Asked Questions
Is Mudrex legit or safe?
Yes, Mudrex is safe and legit. I know the Mudrex team from 2017 and they are working hard to provide a best trading bot software in the crypto space. And the team is also backed by Y-combinator.
Does Mudrex have mobile app?
Mudrex does not have a mobile app for iOS or Android devices, for now. But, Mudrex has fully responsive website and you can check it on mobile browsers. However, it only supports limited options.
What are the trading fees?
Mudrex is not a crypto exchange like Coinbase or Binance. It connects to crypto exchange to provide powerful trading tools with pro plan of $16.
Mudrex has APIs?
No Mudrex does not have public APIs.
Mudrex Alternatives
Shrimpy
Shrimpy is social portfolio management and crypto trading platform for your personal crypto investments. The application focuses on long-term strategy automation, portfolio tracking, and copying strategies from other traders in the social program.
Quadency
Quadency, a crypto trading automation platform launched in 2018. It brings you a smarter way to trade and manage your crypto.
Bitsgap
Bitsgap, a one-stop crypto trading platform that caters for all your trading needs. It allows its users to bring all their crypto-exchange accounts under the same roof and trade from an integrated interface.
